What’s New in Water Heaters?

 Jan 07, 2021

LaTasha Beal

Your water heater is an important part of your home, especially if you have a family. Between cooking, cleaning, doing dishes, washing clothes, washing hands, and all the other things you use hot water for throughout the day, knowing that your water heater can handle your needs is vital. If your trusty old water heater has seen better days, it may be time to look for a replacement. Chances are a lot has changed in water heaters since yours was installed, though, so here are some of the more recent advancements in water heaters that you should know about.

Improved Efficiency

Water heaters are a lot more efficient than they used to be, which is good news for your wallet. Because of updates to efficiency standards, smaller water heaters tend to be around 4 percent more efficient, and large water heaters can be up to 25 to 50 percent more efficient. That means less time and energy spent heating water up, more hot water available at any given time, and possibly a significant savings when it comes to how much you spend each year on keeping hot water available in your home.

Changing Sizes

As a result of the improved efficiency of water heaters, most water heater models feature more insulation than older water heaters did. In some cases this isn’t really noticeable, since more efficient insulation can be used to keep size differences minimal. Depending on how old your old water heater is, though, you may find that new water heater models are simply larger and thicker than your current one is. This may not be a big deal, but if your current water heater is in a tight area without much extra room around it, then it’s definitely worth keeping this in mind.

More Tankless Options

For a long time, tankless water heaters seemed to occupy something of a niche corner of the market. In recent years, though, they have become much more common in homes, and more manufacturers are offering tankless options. Since these water heaters don’t feature a large tank that has to keep water hot, a tankless water heater might be worth considering if you have a limited amount of space in your home.

Hybrid Water Heaters

If you want to save space but are worried about going completely tankless, a hybrid water heater might be right for you. These water heaters use a small tank of water that’s kept hot, and also feature heating technology similar to tankless heaters to supply additional hot water beyond what the tank offers. This lets you save space, time, and money, since the small tank heats faster than a large tank would and ensures that you won’t have any unfortunate lapses that might occur if you have more demand than a tankless heater can manage.

Smart Water Heaters

As with many home appliances, water heaters are available with a number of smart options as well. You can control these water heaters from your smartphone, performing actions such as adjusting water temperatures and even turning the heater off and on without having to touch the water heater itself. On top of this, many smart water heaters also feature options such as Vacation Mode which reduces water temperatures while you’re away to save on water heating costs. You may even be able to sync this with other smart home features to set Vacation Mode as part of a larger overall routine for when you’re at work, traveling, or otherwise away from the house for more than a few hours.

Choosing a New Water Heater

Picking the right water heater for your home can be a challenge. Fortunately, HomeKeepr is here to help. Sign up for a HomeKeepr account for free today and you can find local pros who can help you pick the right water heater for your needs. Once it arrives, they can even install it for you.

Is This the Year to Sell My House?

 

Is This the Year to Sell My House?

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

"The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates."

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

Bottom Line

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Let’s connect today to determine the best next step when it comes to selling your house this year.

Gen X, Millennials Likely to Keep Home Buying Strong for Years to Come

Gen X, Millennials Likely to Keep Home Buying Strong for Years to Come: By 2028, the number of households is projected to increase by up to 12 million.

Why Not to Wait Until Spring to Make a Move

 

Why Not to Wait Until Spring to Make a Move

The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season.

1. Mortgage Rates Are Historically Low

In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise.

2. Equity Is Growing

According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season.

3. Home Prices Are Appreciating

According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment.

4. There Are Not Enough Homes for Sale

With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line

If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Let’s connect to get you set up for homebuying success in the new year.

Exodus to the Suburbs Appears to Be Reversing

Exodus to the Suburbs Appears to Be Reversing: The latest housing data shows consumers returning to urban areas after abandoning cities for the suburbs in the early days of the COVID-19 pandemic.

Here’s to a Wonderful 2021!

 

Here’s to a Wonderful 2021!

Eye-Catching Painting Tips for Homeowners

 Jan 04, 2021

LaTasha Beal

The way your home is decorated says a lot about you, your family, and your lifestyle. Not only does choosing the right colors set the mood in a place, putting those colors in the right spots can also dramatically change the features of a room. There are so many ways to use color to change your home!

Using Paint to Change the Game

The possibilities that new paint creates are literally endless. And the great part about playing with paint is that it’s really easy to change if you decide you’re not thrilled with the results. Unlike building projects, changing the paint in your home can be done with limited expense or hassle.

Here are just a few ideas to enhance the details of the house you already have:

• Pay close attention to the door. Your front door is one of the best spots for setting the mood for your whole home. It says something that your windows never could, so it’s important to paint it like it matters. Matching the house trim is old hat; today’s front doors feature bold or fun colors that complement the rest of your outdoor color scheme. Some houses can also see a bump in interest when homeowners try the same trick on their garage doors.
• Choose bold trim colors. Your trim doesn’t always have to be white, though it shouldn’t be the same color as the wall. Instead, you can make a huge statement by highlighting some of the more decorative elements of your home with paint colors that have something to say for themselves. Pair light gray walls with black trim, or choose several different colors to accent ornate trim work in older homes.
• Rethink built-in cabinets and shelving. Plenty of homes have built-in shelving or cabinets, but most homeowners opt to paint these the same color as the trim in their homes, effectively hiding a potentially eye-popping element. Instead of blending your built-ins into the background, choose colors to highlight them. Painting doors a different color than walls and trim, or selecting a bold or bright color for the back wall of an open shelving unit can really make a statement. This trick can also work for the risers on wooden staircases.
• Why not white? A lot of people shy away from white walls because they feel like the color lends an institutional feel to a room, but white doesn’t have to be hospital-grade. There are a range of barely there colors within the white spectrum, and you can enhance them with color pops in the room itself. It’s your house; if you want a white, don’t let anyone tell you you’re wrong. Choosing a trim color that complements your white is also vital to success with all-white walls.
• Color on the ceiling? Sure! There’s been a long tradition of ceilings being painted a flat white, but that wasn’t always the case. In the past, ceilings have been havens of color in rooms of various sizes and shapes. Depending on the effect you’re looking to create, you can use lighter or darker colors to visually raise or lower the ceiling, or accent decorative ceilings with color for added dimension.
• Try textured paint. Wall texture comes and goes as a trend, but it’s a great way to deal with older homes that may have irregular or downright rough walls. Today’s texture paint goes well beyond Venetian plasters, giving you a huge range of options in texture and more ways to get an end result you’ll absolutely adore. Use a heavy texture as an accent, or go a little lighter for interest throughout your living space.

What If You’re No Picasso?

If you’re not sure how to accomplish your design goals in your home, or you simply lack the skill to do the job right, it’s ok. That’s what your HomeKeepr community is for! Not only can you get recommendations for painters in your area, you’ll know they’re going to be absolute professionals with an eye for details. Just pop into your HomeKeepr app to get started.